BRUSSELS, November 9. /TASS/. The European Commission (EC) has come up with a plan of a new macro-financial assistance to Ukraine in the amount of €18 billion in 2023, EC President Ursula von der Leyen announced on Wednesday.

"We propose an €18 billion support package for 2023. Funding in regular tranches to help recovery in the short-term and strengthen institutions," she wrote on Twitter providing a link to the EC statement.

According to the statement, "this Macro-Financial Assistance instrument offers high flexibility and very favorable terms for Ukraine."

"Following the European Council meeting of 20-21 October 2022, the Commission has today proposed an unprecedented support package for Ukraine of up to €18 billion for 2023. This will come in the form of highly concessional loans, disbursed in regular instalments as of 2023," the EC says.

"This stable, regular and predictable financial assistance - averaging €1.5 billion per month - will help cover a significant part of Ukraine's short-term funding needs for 2023," the EC adds.

The EC emphasizes that macro-financial assistance "will be accompanied by reforms to help Ukraine advance on its path to becoming a member of the EU."

"This means that the Ukrainian government will have to complement the financial support with sectoral and institutional reforms, including anti-corruption and judicial reforms, respect of the rule of law, good governance, and modernization of the national and local institutions. We will check that these reforms have been effectively put in place when paying out the instalments," the EC says.

"The funds will be provided through highly concessional loans, to be repaid in the course of maximum 35 years, starting in 2033," the EC specifies.

The proposal of the European Commission must now be approved by the European Parliament and the EU Council, after which Brussels will be able to start providing funds to Kiev.

In May of this year, the European Commission announced the allocation of a macro-financial assistance program to Ukraine in the amount of €9 billion euros, but still has not paid €3 billion.